Yo, Money Matters Knowledge Quiz

15 Questions | By Jamalasig | Updated: Mar 19, 2022 | Attempts: 181

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How well do YOU know basic personal finance? Take this quick quiz to find out!

Questions and Answers

1.

Which of the following can be purchased with your debit card?
- A.
  
  Your morning latte
- B.
  
  Your school textbooks
- C.
  
  Your weekly groceries
- D.
  
  All of the above
2.

Research shows that more than ___% of people share their PIN number with at least one person.
- A.
  
  10
- B.
  
  25
- C.
  
  50
- D.
  
  60
3.

Debit cards are more similar to cash than credit cards.
- A.
  
  True
- B.
  
  False
4.

What is the major advantage of a debit card over a credit card?
- A.
  
  You don’t have to pay interest or monthly bills.
- B.
  
  You have unlimited amounts of money to spend for as long as you like.
- C.
  
  You don’t have to provide as much personal information to attain one.
- D.
  
  You have access to a lender’s money.
5.

Debit cards have a credit limit.
- A.
  
  True
- B.
  
  False
6.

What is a good credit score?
- A.
  
  Below 649
- B.
  
  650-699
- C.
  
  700-749
- D.
  
  750+
7.

Why are all credit cards the same size?
- A.
  
  Credit cards are regulated to meet ISO 7810 standards.
- B.
  
  The Treaty of Ghent designated a universal card size.
- C.
  
  Because of the size of wallet slots, they have become standardized.
- D.
  
  A card’s magnetic strip must be 3.375 inches wide to accommodate necessary information.
8.

What is a credit score used for?
- A.
  
  To determine how much money you can borrow from a financial institution
- B.
  
  To determine your interest rate
- C.
  
  To reveal your reputation as a borrower
- D.
  
  All of the above
9.

Which of the following is true?
- A.
  
  A checking account allows you to deposit and withdraw money.
- B.
  
  A checking account is a type of savings account.
- C.
  
  A checking account only allows you to deposit and withdraw checks.
- D.
  
  A checking account only allows for a limited amount of withdrawals and deposits.
10.

Which of the following is true?
- A.
  
  A savings account allows for an unlimited amount of withdrawals and deposits.
- B.
  
  A savings account allows for a limited amount of withdrawals and deposits.
- C.
  
  A savings account is a type of checking account.
- D.
  
  A savings account is intended for money that you desire to access frequently.
11.

Savings accounts _________________.
- A.
  
  Generally offer a higher interest rate than checking accounts
- B.
  
  Generally are more liquid than checking accounts
- C.
  
  Generally should be used for long-term holding periods
- D.
  
  Generally offer the ability to write checks without incurring extra fees or expenses
12.

What is an interest rate?
- A.
  
  The rate at which your money inflates.
- B.
  
  The percentage amount that you are borrowing from a financial institution.
- C.
  
  The percentage amount of assets over debt that you have.
- D.
  
  The rate at which a borrower is charged by a lender, expressed as a percentage of principal.
13.

What is the simple interest formula?
- A.
  
  Simple Interest =
- B.
  
  Simple Interest =
- C.
  
  Simple Interest =
- D.
  
  Simple Interest =
14.

What is the compound interest formula?
- A.
  
  Compound Interest =
- B.
  
  Compound Interest =
- C.
  
  Compound Interest =
- D.
  
  Compound Interest =
15.

Which of the following is true?
- A.
  
  Simple interest over time generates a higher interest amount.
- B.
  
  Compounded interest takes into account the accrued interest from previous months.
- C.
  
  Compounded interest is only used by banks.
- D.
  
  Simple interest takes into account the accrued interest from previous months.